The USD started the day dropping against the Canadian dollar, now on a bullish reversal.
GBP/USD: 'Thorn' pattern stopped bears
All the Moving Averages have been broken, so there's a 'Thorn' pattern. In this case, it's likely to have an upward correction towards the nearest resistance at 1.3102. A pullback from this level could be a starting point for a decline towards the next support at 1.3004 - 1.2982.
There's a 'V-Bottom', which has been confirmed. So, we should keep an eye on the closest important resistance at 1.3118 as an intraday target. If a pullback from this level happens next, bears will probably try to test another support at 1.3004 - 1.2982.
Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential
It looks like GBP/JPY is finally trying to break out of the recent consolidation. Learn more!
Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.
GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.